Nigeria's leading finance and market intelligence news report.

Oil marketers promises to support government in efforts back to curb fuel theft

The Major Oil Marketers Association of Nigeria has said it will support the Federal Government and the Nigeria National Petroleum Corporation to eliminate fuel theft and other illegal activities in the downstream petroleum industry.

Adetunji Oyebanji, chairman, MOMAN, said the association recently attended a working session under the direction of the Group Managing Director of the NNPC designed to curb and indeed eliminate fuel theft.

* indicates required

The MOMAN boss in chat with the press reiterated that its membership in no way condones fuel theft, fuel adulteration or illegal refining of petroleum products by unlicensed entities.

According to him, MOMAN member working with its business partners, will do all in its power to support the Federal Government and the NNPC to eliminate these malpractices.

He said this would include working with transporters and dealers to strengthen processes and ensure that no illegal or adulterated products find its way into their system.

Speaking on Compressed Natural Gas (CNG), he said, his association is fully in supportive of the Federal Government’s drive for the full exploitation of the country’s gas reserves including deepening the use of Liquefied Petroleum Gas and Compressed Natural Gas. He stated further that to develop the CNG as a cleaner and more affordable alternative to Premium Motor Spirit is a key objective of this policy.

The move towards CNG  he explained  would reduce the overreliance by the Nigerian populace on petrol.

“Towards this purpose, MOMAN is prepared to invest in the safe installation of LPG (and, when the time is right, CNG facilities in its stations across the country,” he said.

He added that this would eliminate the unsafe practice of dispensing LPG through unlicensed roadside vendors.

He said, “With respect to CNG, MOMAN encourages immediate engagements with the private sector to identify policy measures that will make deployment of at retail outlets a reality for the country in the shortest possible time.

MOMAN  he said will collaborate with government and other stakeholders in implementing any such initiative, stressing  the need for the restructuring or reform of the downstream oil industry.

According to him, the elimination of oil theft and leakages in the system, the optimization of the supply chain, the introduction of alternative energies and the regular and consistent maintenance of the distribution infrastructure are necessary aspects of the downstream reform.

He said the passage of the Petroleum Industry Bill would provide and opportunity for the country to resolve all these once and for all.

Comments are closed.